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Friday, July 4, 2014
Statoil is making a “portfolio adjustment” in Angola. The adjustment has the firm selling equity stakes in Blocks 38 and 39 in the Kwanza Basin.
Statoil divested 10% to Ecopetrol in Blocks 38 and 39. In Block 39 the 10% divestment is accomplished through two separate, but simultaneous transactions. Statoil acquired 7.5% from Total under one agreement and then divested a total of 10% in block 39 through a separate agreement, reducing its net equity by 2.5%. The deals are subject to approval by Sonangol E&P, the Angolan minister of petroleum and the license partners.
According to Gareth Burns, senior VP in Global Strategy and Business Development (GSB) in Statoil this latest divestment was part of Statoil’s continued optimization and portfolio adjustments process. “We do this to maximize value of core assets. The transactions will allow Statoil to unlock capital ahead of an extensive drilling campaign in the Kwanza basin.”
In May the company sold off its 5% stake in the ENI-operated Block 15/06 to state-run Sonangol. The transaction was worth a cash consideration of $200 million. In early April Statoil announced the acquisitions by WRG Angola Block 38 Ltd. and WRG Angola Block 39 Ltd. (both 50/50 joint ventures owned by White Rose Energy Ventures and Genel Energy plc) of a 15% interest in Block 39 from Statoil and a 15% interest in Block 38 from China Sonangol International Holdings. These transactions have now received the approval of Sonangol P.P., the Angolan Ministry of Petroleum and the license partners.
After completion of all transactions, the equities in Block 39 will be Statoil with a 37.5% stake and operatorship, Total with 7.5%, WRG with 15%, Ecopetrol holds 10% and Sonangol the remaining 30%. Block 38 has Statoil with 45% and operatorship, WRG with 15%, Ecopetrol 10% and Sonangol 30%:
In addition to the Statoil-operated blocks 38 and 39, Statoil is partner in blocks 22, 25, and 40 in the Kwanza basin.
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